QuantumScape Corp. (NASDAQ:QS) stock fell in premarket trading Thursday after the solid-state battery developer reported second-quarter results that topped earnings expectations and reaffirmed its full-year adjusted EBITDA outlook.
Despite the stronger-than-expected quarter, investors appeared to focus on the company’s ongoing cash burn, long path to commercialization and a revised agreement with Volkswagen’s PowerCo that reduced potential milestone payments.
During the earnings call, Chief Financial Officer Kevin Hettrich said the revised agreement with Volkswagen’s PowerCo reduces the maximum potential payments to QuantumScape to about $75 million from roughly $131 million.
However, he said the narrower scope of work will also significantly reduce project expenses, resulting in a projected net-neutral cash impact compared with the 2025 agreement.
Earnings Snapshot
QuantumScape reported a second-quarter adjusted loss of 16 cents per share, beating analysts’ estimate for a loss of 18 cents, according to Benzinga Pro.
Adjusted EBITDA loss widened to $64.2 million from a loss of $63.0 million a year earlier.
Capital expenditures totaled $4.6 million, primarily for technology development and facility investments.
Customer billings reached $10.8 million during the quarter. Total customer billings through the first half of 2026 reached $21.8 million, exceeding full-year 2025 customer billings of $19.5 million.
QuantumScape ended the quarter with $859 million in liquidity.
Business Update
The company said it is now working with four top-10 global automotive original equipment manufacturers, including Volkswagen and Honda. It also shipped battery cells to another automotive customer during the second quarter, expanding its development pipeline.
QuantumScape continued to advance its Eagle Line automated pilot production facility and expects to double cell output during the second half of 2026.
The company also broadened its strategy beyond electric vehicles, targeting AI data centers and aerospace and defense alongside its core automotive business.
During the quarter, QuantumScape entered a multi-year partnership with Honda to develop solid-state lithium-metal batteries for automotive and other applications.
It also expanded its collaboration with Volkswagen PowerCo through updated licensing milestones covering automotive cell development, larger-format cells and future battery technologies.
Outlook
QuantumScape maintained its full-year adjusted EBITDA loss guidance of $250 million to $275 million.
The company lowered its 2026 capital expenditure guidance to a range of $27 million to $37 million, citing improved cost discipline.
Management expects customer shipments to increase in the second half of 2026 as Eagle Line production ramps up. The company said it will continue investing in larger-format cells, manufacturing capabilities and next-generation battery technology.
QS Price Action: QuantumScape shares were down 4.77% at $5.59 during premarket trading on Thursday, according to Benzinga Pro data.
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